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Finance Report: Audited Financial Statements, for the year ended March 31, 2015

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(1)

Finance Report:

Audited Financial Statements,

for the year ended March 31, 2015

Bob Dillman, Finance & Operations Director

Mitchell Cook, Finance & Operations Manager

(2)

Remembering a Leader

Bethany Tory

Inspirational

Compassionate

True Champion

(3)

Today

Theme: Changes over the last year

1. General

2. PricewaterhouseCoopers LLP

(4)

General

Fiscal Transparency

Change in Chart of Accounts

(5)

Steps to fiscal transparency

Draft financial statements made available to

membership on the Info Centre 21 days prior to the

ACGM;

Management Discussion & Analysis documents have

been made available to membership online before the

ACGM;

Hard copy materials for review prior to arrival at the

ACGM;

(6)

Chart of Accounts

Complete revamp of our chart of accounts –

aligns with new divisional structure

Reduced from 2400+ GL codes to approx. 500

Cleaner structure = cleaner data!

(7)

Tools Developed

MS Dynamics Great Plains

• Financial Software

• New COA/Payables/Analytical Accounting/Smartlist Structure

MS Dynamics – Management Reporter

• Reporting Tool that serves as template to draw data

• P&L/Balance Sheet/Event Reports/Ad-hoc as needed

DOMO – Business Intelligence Tool

• Centralized dashboarding from multiple systems

• GP/Excel/Zendesk/Social Media/HP Data/Ad-hoc as needed

MS Excel

• Self Explanatory – but the most powerful tool we have!

• More granular data dumps/pivot tables available due to revised

structure

(8)

Tools Being Developed

MS Dynamics Great Plains

Software Update: version 2015 R2 available in June 2015

Update Includes: Excel Builder/Smartlist Builder

Business Intelligence Tool

Expand data connections to include:

Dynamics CRM

Dynamics GP

Social Media & Other

MS Excel

With the module expansion of Dynamics GP:

Excel Builder: Live excel pivot table

Smartlist Builder: Customization of smartlist reports (similar to SQL)

MS Dynamics Business Analyzer

Microsoft & Apple application

(9)

Constraints

MS Dynamics CRM

Currently awaiting integration of financial transactions

Current process is manual – relying heavily on man power and previous

membership management system

Revamped Members Portal

Currently being developed to replace Members Only

Online Event Registration (OER)

(10)

PricewaterhouseCoopers LLP

1

st

Engagement - Recommendations for

financial statement changes

Audit Process

Audit Opinion

(11)

PWC Recommended Financial

Statement Changes

Simplified presentation of:

Statement of Financial Position

Statement of Operations

Statement of Changes in Fund Balances and Cash

Flows

Removing non required disclosures

Investment disclosures relate to entire portfolio

rather than by fund

(12)

Outline of process

October 19

th

, 2014: Planning Committee meeting with

Finance & Enterprise Risk Management (FERM) to develop

project timeline;

December 8-12

th

, 2014: On-site interim audit work with

Pricewaterhousecoopers LLP;

January 5

th

, 2015: Engagement Letter Signed

April 20-30

th

, 2015: On-site audit work;

May 11

th

, 2015: FERM Committee reviews audited financial

statements;

May 20

th

, 2015: Board reviews audited financial

statements.

May 22

nd

, 2015: Board provides approval to the audited

(13)

Auditor’s Report

In our opinion, the financial statements

present fairly, in all materials respects, the

financial position of Skate Canada as at March

31, 2015 and the results of its operations and

its cash flows for the year then ended in

accordance with Canadian accounting

(14)

Statement of Financial Position –

Assets

(15)

Investments

$- $5,000 $10,000 $15,000 $20,000 $25,000 2015 2014 $20,277 $19,528 $2,362 $1,170 Thousands Investments Investment Income

(16)

Statement of Financial Position –

Liabilities and Fund Balances

(17)

- 50 100 150 200 250 300 350 400 1 - Skate for Life - CanSkate

2 - Skate for Life - LifeSkate 3 - Skate for Life - Power Skate 4 - Skate to Win - Coach Official 5 - Skate to Win - Podium 6 - Skate to Win - Development 7 - On Line Learning 8 - Club Delivery 9 - Safe Sport 10 - Partnerships 11 - Brand Content 12 - Brand Programs $46 $9 $34 $69 $140 $381 $0 $72 $112 $138 $311 $32 Thousands

14-15 FY Spend: $1.344M

Deferred Contributions – Strategic Plan

SKATE FOR LIFE

SKATE TO WIN

DELIVERY CAPACITY

PARTNERSHIPS

(18)

2014-2018 Strategic Plan – Strategic

Imperatives

(19)

Statement of Operations

$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 Membership

Test fees Government and other grants Events Sponsorship Merchandising Investment Income Other Strategic planning $6,379 $887 $2,500 $1,880 $1,471 $568 $2,362 $251 $1,344 $6,528 $905 $2,184 $2,776 $1,698 $598 $1,170 $575 $23 Thousands

Comparative Revenue Groupings

2015 2014

(20)

Statement of Operations

$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000

Section Grants

Athlete Grants

Events

Salaries, benefits and professional development

Professional fees and contracted services

Travel and living

Strategic planning $3,331 $708 $2,445 $4,617 $1,038 $1,590 $1,344 $3,402 $800 $3,718 $5,215 $1,275 $1,478 $23 Thousands

Comparative Expense Groupings

2015 2014

(21)

Budget to Actuals (FY 14-15)

At the beginning of the 2014-15 fiscal year, the Association was operating

with an approved budget deficit of approximately $310k. The audited 2014-15

financial results reflect an actual deficit of $38k resulting in an overall positive

budget variance of approximately $272k.

Actual

Budget

Variance

Revenue

$17,641,554

$15,820,446*

$1,821,108**

Expense

$17,679,102

$16,130,188*

$1,548,914**

(22)

Budget to Actuals (FY 14-15)

$14,500 $15,000 $15,500 $16,000 $16,500 $17,000 $17,500 $18,000 Actual Budget Actual Budget R eve n u e Ex p en se $16,298 $15,820 $16,336 $16,130 $1,344 $0 $1,344 $0 Thousands Operational Strat Plan

(23)

Budget to Actuals (FY 14-15)

$(37.55) $(309.74) $(350) $(300) $(250) $(200) $(150) $(100) $(50) $-Actual Budget D ef ic it Thousands Operational Strat Plan

(24)

Budget to Actuals (FY 14-15)

Departments Impacted

Comments

Variance

Investment income

Current year income reflects a full year of participation in equities (versus one

quarter of previous year) during a year of rising markets.

$1,192K

Strategic Planning

Refer to narrative section entitled Deferred Contributions for comments on

revenues and expenses

$1,344K

($1,344K)

Government Revenue

Net increase in funding from Sport Canada offset by a decrease in funding from

Canadian Olympic Committee

$316K

Events - Revenue

Refer to narrative section entitled Events for comments on revenues and expenses

($896K)

$1,273K

Technology and Subscriptions

Increased levels of on-site support and professional services for IT processes;

increased use of subscriptions as technology tools

$352K

(25)

Final Comments

Copies available online of:

Audited financial statements;

Management Discussion & Analysis.

Budget presentation;

Financial Statements presentation;

References

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